The Impact of Museum Purchase on the Auction Prices of Paintings

Werner Pommerehne and Lars Feld

Journal of Cultural Economics, 1997, vol. 21, issue 3, 249-271

Abstract: This study examines how art museums‘purchasing policy influences the auction prices ofpaintings. Using a cross section of non-speculativetransactions during the period 1820–1970, we findconsiderable empirical support for the hypothesisthat public museums outside the U.S. pay above averageprices in auction markets providing higher thanaverage yields to private sellers. The typical U.S.private museums appear to be more restricted byfinancial constraints and the development of thegeneral economic conditions than their publiccounterparts. Copyright Kluwer Academic Publishers 1997

Keywords: tertiary art markets; private and public museums‘ purchases (search for similar items in EconPapers)
Date: 1997
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Citations: View citations in EconPapers (19)

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Persistent link: https://EconPapers.repec.org/RePEc:kap:jculte:v:21:y:1997:i:3:p:249-271

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DOI: 10.1023/A:1007388024711

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